Sat.Aug 12, 2023 - Fri.Aug 18, 2023

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Are Fixed Indexed Annuities More Efficient Than Bonds?

Advisor Perspectives

When adjusting for more realistic assumptions and considering the fact that the insurance company can change return caps and that inflation is both an unknown and deep risk, an FIA, along with most annuities, is not on the efficient frontier in either accumulation or decumulation phases.

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Businessweek: Five Ways the Fed’s Deflation Playbook Could Be Improved

The Big Picture

I have a new column out in Businessweek , just in time for the Federal Reserve meeting in Jackson Hole. It is a congratulatory open letter to Federal Reserve Chairman Jerome Powell and the rest of the Fed on beating inflation: Dear Jay, Mazel tov! You beat inflation and avoided a recession. Revel in the sweet taste of victory as you fly-fish with other central bankers at the annual symposium in Jackson Hole, Wyoming.

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#FA Success Ep 346: Moving Procrastinating Clients To “Yes” Instead Of Selling As A Fee-Only Advisor, With Jim Ludwick

Nerd's Eye View

Welcome back to the 346th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Jim Ludwick. Jim is the founder of MainStreet Financial Planning, an hourly, fee-only financial planning firm, and also created Procrastination Junction, a coaching program for fee-only financial advisors looking to improve their sales skills.

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Personal finance links: making big decisions

Abnormal Returns

Podcasts Morgan Housel on how fragile the world can be. (open.spotify.com) Annie Duke talks decision making with Steven Pinker. (alliancefordecisioneducation.org) Joe Wiggins and Paul Richards talk about how regret affects our decision making. (podcasts.apple.com) Housing How to save for the biggest purchase in your life: a house. (ofdollarsanddata.com) Don't underestimate the upfront costs of buying a house.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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Stop asking random people stupid questions

The Reformed Broker

Barry’s new piece for Bloomberg is really good. I had a good laugh at this section: Inflation Expectations Surveys Are Useless The world is more complex, random and global than ever before. Multiplying unknowns have made economic forecasting even more difficult. But for hilariously wrong predictions, nothing beats surveying random people about where they think inflation will be in five years.

Economics 130

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Weekend Reading For Financial Planners (August 19-20)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a recent study has found that consumers are increasingly likely to spread their portfolios across a range of asset managers, and that this trend is particularly pronounced amongst more affluent clients (e.g., millionaires), suggesting that advisors who believe they hold "everything" their clients have may actually have less than they realize.

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Top clicks this week on Abnormal Returns

Abnormal Returns

Top clicks this week The equity risk premium in the U.S. keeps falling. (economist.com) Five common personal finance lessons that are wrong. (genyplanning.com) Why are market cap weighted indices hard to beat for managers? (behaviouralinvestment.com) When do dividend-focused strategies outperform? (morningstar.com) Every investment strategy has multiple 'points of failure.

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The Year Everyone Got Wrong

The Reformed Broker

Welcome to the latest episode of The Compound & Friends. This week, Michael Batnick, Eric Balchunas, Jeremy Schwartz, and Downtown Josh Brown discuss the magnificent seven, the bond market, defined outcome ETFs, inflation, the spot bitcoin ETF saga, and much more! You can listen to the whole thing below, or find it wherever you like to listen to your favorite pods!

Marketing 130
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10 Weekend Reads

The Big Picture

The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • How bonds ate the entire financial system : A very short, very wild history of the market that will shape the next financial crisis. ( Financial Times ) • The demonisation of BlackRock’s Larry Fink : All he wanted to do was save the planet while making his firm a fortune.

Media 246
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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Motivational Interviewing Techniques To Help Clients Talk Themselves Into Implementing Advice

Nerd's Eye View

Financial advisors create value for clients not only by giving good advice, but also by ensuring that the advice they give is actually implemented. After all, financial planning is worth a lot more to clients when they act on the advisor's recommendations (and realize the projected outcomes), in contrast to the advisor simply handing clients "The Plan" that is never actually implemented.

Clients 216
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Adviser links: financial compassion

Abnormal Returns

Podcasts Michael Kitces talks with Lori Van Dusen, who is the CEO of LVW Advisors, about working with UHNW families. (kitces.com) Brendan Frazier talks about how to send a great prospect follow-up e-mail. (wiredplanning.com) Dan Haylett talks funded contentment with Brian Portnoy of Shaping Wealth. (humansvsretirement.com) Corey Hoffstein talks with Martin Tarlie, a Portfolio Manager at GMO, about bridging the gap between financial planning and portfolio management.

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“Big Short” Investor Bets on a Crash

The Reformed Broker

Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Retail Earnings – Consumers are still spending. ►Stock Picker’s Delight – Sector correlation and valuation disparities are providing value opportunities.

Valuation 130
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MiB: Ted Seides, Capital Allocators

The Big Picture

This week, we speak with asset management expert Ted Seides , founder of Capital Allocators. His most recent book is “ Capital Allocators: How the world’s elite money managers lead and invest ;” he is also the host of the popular “ Capital Allocators” podcast , which reached 16 million downloads in June. Seides is a CFA charterholder and has an MBA from Harvard Business School.

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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor

During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.

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Moving On From Clients Who Aren’t A Fit By Establishing ‘Kill Criteria’ To Protect Yourself

Nerd's Eye View

When a financial advisor first opens their own firm, they often start with few (or no) clients and little revenue. And while they might have an ideal target client in mind, it can be tempting to bring on any client who can pay the advisor’s fee so that the advisor can simply ‘keep the lights on’ But as the firm grows, these initial clients might not generate as much revenue as the firm’s newer clients, perhaps because they were grandfathered into a lower annual fee schedu

Clients 206
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Monday links: flaws and strengths

Abnormal Returns

Strategy Energy stocks have stopped going down. (allstarcharts.com) Don't fall in love with a stock. (financialducksinarow.com) Crypto How much Bitcoin would spot ETFs hold? (bloomberg.com) Coindesk has laid off editorial staff. (theblock.co) Finance The private credit business is booming. (axios.com) Small banks are less exposed to commercial real estate loans than commonly thought.

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Clips From Today’s Halftime Report

The Reformed Broker

China’s stimulus actions are not enough, says Ritholtz Wealth’s Josh Brown from CNBC Bank of America downgrades Valero and four other refiners from CNBC Final Trades: Fortinet & Marriot from CNBC

Banking 130
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RIA Roundup: Sequoia Financial Group to Add Special Needs Expertise with Affinia

Wealth Management

Sequoia Financial Group is adding a team specializing in special needs families, while Wealth Enhancement Group announced its 10th acquisition of the year, a CPA practice has returned to Cetera and Kestra onboarded $1.6 billion in the second quarter. Some top hires and custodian moves were also announced.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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Moving On From Clients Who Aren’t A Fit By Establishing Criteria To Protect Yourself

Nerd's Eye View

When a financial advisor first opens their own firm, they often start with few (or no) clients and little revenue. And while they might have an ideal target client in mind, it can be tempting to bring on any client who can pay the advisor’s fee so that the advisor can simply ‘keep the lights on’ But as the firm grows, these initial clients might not generate as much revenue as the firm’s newer clients, perhaps because they were grandfathered into a lower annual fee schedu

Clients 130
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Tuesday links: the return to work

Abnormal Returns

Rates Rising bond yields continue to boost future returns. (awealthofcommonsense.com) Companies are not betting on lower rates any time soon. (ft.com) How higher interest rates are going to pinch corporate profits. (klementoninvesting.substack.com) Finance Blackstone ($BX) is not backing away from the growth equity business. (bloomberg.com) Is there a structural imbalance in the secondary market for private equity fund stakes?

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Clips From Today’s Halftime Report

The Reformed Broker

Final Trades: Apple, 3M & more from CNBC. The post Clips From Today’s Halftime Report appeared first on The Reformed Broker.

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Securitize Acquires Onramp Invest

Wealth Management

The acquisition will allow RIAs to offer their clients alternative asset classes including private equity, private credit, secondaries, real estate and more through the Onramp Invest dashboard.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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A Checklist for a Successful Cookout

Integrity Financial Planning

Organizing a successful cookout can be a fun but challenging task. Here’s some great advice to ensure your event runs smoothly and is a hit with your guests. Preparation is Key Firstly, make sure you put in the effort to prepare. Decide on the menu ahead of time and ensure you have all the necessary ingredients. Choose simple yet delicious recipes that can cater to various dietary preferences.

Food 98
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Friday links: investing fashions

Abnormal Returns

Strategy Even if you have the news, doesn't mean you can predict the market's reaction. (theirrelevantinvestor.com) Don't confuse cash and bonds. (monevator.com) Startups Instacart could go public as early as next month. (finance.yahoo.com) SpaceX now reportedly running around breakeven. (wsj.com) Streaming Cable and broadcast are now less than 50% of viewing.

Investing 220
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Fundamental Analysis Of Elecon Engineering Company – Financials & More

Trade Brains

Fundamental Analysis of Elecon Engineering Company: The stock of Elecon Engineering Company has generated a whopping return of 1,000% in the last five years for its investors. With the CAPEX cycle underway and the government’s huge budget outlay and ‘Make in India’ initiative, the investors are still bullish on this industrial equipment manufacturer.

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12 Must Reads for Real Estate Investors (Aug. 18, 2023)

Wealth Management

Norway’s sovereign wealth fund said it remains committed to commercial real estate investment, reported Bloomberg. Crain’s New York Business looked at a new bill under consideration in New York state that would make it easier to determine the owners behind LLCs. These are among the must reads from around the real estate investment world to end the week.

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Transforming Lending: Understanding the Power of Digital Platforms

Digital platforms can provide you with plenty of solutions, yet many are still intimidated by them. It's time to end that worry and embrace what could make a major difference for your bank. Understanding how they work and how to best utilize them for your banks is key toward success. In this article, Biz2X breaks down all things digital platforms, including the many advantages of embracing them.

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Lawler: Is The “Natural” Rate of Interest Back to Pre-Financial Crisis Levels?

Calculated Risk

Today, in the Calculated Risk Real Estate Newsletter: Lawler: Is The “Natural” Rate of Interest Back to Pre-Financial Crisis Levels? A brief excerpt: Here is a graph showing the HLW and LM estimates of r-star from 1990 through the first quarter of 2023. Note that both of these estimates show a sharp decline in r-star right around the same time as the beginning of the financial crisis that led to the worst recession since the Great Depression.

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Longform links: the beef industry

Abnormal Returns

Technology Why you shouldn't worry about AI 'stealing' your content. (drorpoleg.com) What you need to know about undersea internet cables. (cnet.com) LEDs are best thought of as a technology. (vox.com) Retail How 'reverse logistics' became a big business. (newyorker.com) The many ways Trader Joe's distinguishes itself from other retailers. (readtrung.com) Business How to get a business education from the Berkshire Hathaway ($BRK.A) oeuvre.

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Have Bonds Finally Reached Escape Velocity?

Discipline Funds

In the 1970s overnight interest rates went from a low of 3% to a high of 20%. This was an especially tough time to be a bond investor as the surge in interest rates caused short-term principal losses and prolonged real losses. But there’s also an interesting and important lesson from the 1970s – higher bond yields create a sort of escape velocity at some point where the interest payments offset the interest rate risk.

Math 98